EL-ERIAN WARNS: 'These Are All The Signs Of An Institutional Run On French Banks'

You have reports of banks not trading with French banks. You have equity prices at 50-% of books, and stories about CEOs going around the world for cash.

Here's the money quote:

These are all signs of an institutional run on French banks. If it persists, the banks would have no choice but to delever their balance sheets in a very drastic and disorderly fashion. Retail depositors would get edgy and be tempted to follow trading and institutional clients through the exit doors. Europe would thus be thrown into a full-blown banking crisis that aggravates the sovereign debt trap, renders certain another economic recession, and significantly worsens the outlook for the global economy.